TRACES or TDS Reconciliation Analysis and Correction Enabling System - as the name suggests is a web-based application of the Income Tax Department which connects all the stakeholders who are linked with TDS administration and implementation. It enables easy filing of TDS/TCS correction statements. It enables viewing of challan status, viewing of statement status, submission of refund request, downloading of consolidated (conso) file, Justification Report and Form 16/16A as well as viewing of annual tax credit statements (Form 26AS).
It also allows online correction of already filed TDS Returns. It is a hassle-free system which has replaced the earlier lengthy process of filing the Revised Return. Through this online rectification system, PAN details and challan corrections can be made with ease. Following features are available on the TRACES website:
- Dashboard giving summary of deductor’s account
- Online registration of TAN
- Online filing of TDS statements
- Online correction of TDS statements
- Default Resolution
- Viewing of Form 26AS
- Grievance registration and resolution.
The various facilities/services offered by TRACES can be classified into three categories:
- Deductor services
- Tax Payer services
- PAO services